The changing space of Australian fintech

Elizabeth Barry 13 January 2016

fintech man in keyhole

How Australia's fintech market is coming into its own, and the people and organisations that are helping it along the way.

Fintech, also known as the development of technology in the financial space, is evolving in markets globally. However, the key differences in these global markets means that fintech hasn’t spread uniformly.
In the UK and US markets fintech is on much more progressive and supported stages. This is compared to Australian fintech, which, while in no way in its early stages of innovation, is very much in its infancy when it comes to public support.

It wasn’t until late September 2015 when Prime Minister Malcolm Turnbull announced his new ministry that he spoke about the importance of fostering creativity as we move towards the “Internet of the things”.

Lucy Turnbull, Chair of the Committee for Sydney, identified the fintech opportunity 18 months previously in a report commissioned to Ian Pollari of KPMG. This led to the creation of Stone & Chalk, an independent and not-for-profit fintech hub for Australian startups.

Stone and Chalk

Alex Scandurra, CEO of Stone and Chalk, talks with Prime Minister Malcolm Turnbull

Stone & Chalk essentially fills a gap in Australia’s startup scene. Stone & Chalk creates a hub for burgeoning companies in need of somewhere to meet, to collaborate, to find mentorship or to find deskspace and meeting rooms. It also runs mentor and internship sessions and startup events.

Support is paramount when it comes to a thriving fintech economy. London, which is regularly cited as the global capital of fintech, earned this title due to the combined efforts of Prime Minister David Cameron and the Mayor of London Boris Johnson.

Through events, the introduction of contactless payments in transport, international trade agreements and technology ambassadors, fintech startups are flocking to London to set up shop.

The focus on fintech globally, not only in the UK (London) but also in the US (Silicon Valley), Netherlands (Amsterdam) and throughout Europe and Asia shows that we aren’t setting a pace for this industry, but it’s instead something Australia needs to catch up on to remain globally competitive. By establishing fintech hubs such as Stone & Chalk and with the requisite support of the federal government, fintech may be able to stand-up out of its crawl and begin to walk and, maybe, one day run.

More great ideas from finder.com.au

Get a life insurance quote
Get a life insurance quote

Find out what it costs to protect yourself and your family

More info...
Refinancing home loans
Refinancing home loans

Choose from offers with rates as low as 3.39% p.a.

More info...
Google Pixel
Google Pixel

Compare plans for Google's flagship Android phone

More info...
Christmas ideas
Christmas ideas

Visit our Christmas homepage for gift ideas, markets, travel & deals

More info...

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Ask a question
feedback